Acko inching close to $100-$120 million secondary share sale: report
23 Oct 2024, 06:15 PMApart from new investors coming in, existing shareholder General Atlantic is also expected to pick additional stake.
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Acko General Insurance is reportedly nearing the completion of a $100-$120 million secondary share sale, where some of its early investors, including Catamaran Ventures (founded by Infosys' Narayana Murthy) and Chrys Capital's Ashish Dhawan, are selling their stakes.
According to a Economic Times report, the new investors entering the fold include Enam Group's family office led by Akash Bhanshali, CaratLane's founder Mithun Sacheti, Arpwood Capital, and Madhusudan Kela of MK Ventures.
Existing shareholder General Atlantic is also expected to pick additional stake.
Acko, which was valued at $1.4 billion post its last funding round, is executing the secondary sale at around 5-10% discount, the report added.
Catamaran first invested in Acko in 2016 when the company raised a large seed round of $30 million after spinning off from Coverfox, an online insurance marketplace. The fund currently holds around 2.2% in the company and is expected to sell most of its shares in the secondary round.
General Atlantic is its largest shareholder in the insurance firm with 20.6% stake, followed by Accel with 8.9% and Elevation Capital with 6.3% stake.
The insure-tech company reported a 19.8% jump in revenues, reaching Rs 2,106 crore in FY24, compared to Rs 1,758 crore in FY23. The losses stood at Rs 670 crore in FY24, down from Rs Rs 738.5 crore the year before.
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